Communicating lender choice to student and parent borrowers
College and university websites should clearly state that borrowers have the right to choose lenders other than those on the school’s preferred lender list.
Such a statement might include some or all of the language below:
The following is our preferred lender list for federal Stafford loans and private loans. After carefully reviewing the features offered by a wide range of lenders, we have chosen the lenders on this list because they offer a superior combination of savings, customer service, and loan processing reliability.
You may, however, select a lender of your choice that is not on this list. Please contact the Financial Aid Office if you would like to do so and we will provide instructions on how to apply for a loan with that lender.